U.S. economy will be growing faster than 3% this time next year, predicts Treasury’s Bessent

Treasury Secretary Scott Bessent (Credit: Shannon Finney—NBC via Getty Images)

• A combination of pro-growth trade policies, tax cuts, and deregulation will soon lead to a pickup in activity after a 0.3% annualized contraction in the first quarter, according to the Trump administration. “We will be turning the corner toward the end of the year,” Treasury Secretary Scott Bessent said during a wide-ranging interview.

The Trump administration expects U.S. growth to bounce right back in the coming 12 months after a first-quarter contraction, as the benefits of its economic agenda take root.